“Decent Hotel, questionable location...”
I would recommend the Chic Hotel, but only to the more 'open minded' and streetwise of traveller. The hotel itself was smart, (that doesn't mean luxury, but basic and neat), and pretty convienient to access all the local sights etc. The rooms were clean but small, decent breakfast, and the staff really helpful and polite. The road it's on is busy and noisy, however a short walk will get you into the side streets where a bit of quiet can be found and some great food and drinks. A 10 minute walk will pretty much get you to Monastiraki, a central point for exploring. A couple of minutes the other way will take you to Ormonia Square and it's tube station. Getting about is easy from here.
The reason for this being suited to the street wise is that by night, the area around the square does show it's shadier side. We never felt threatened (been to a lot of cities so not really fazed by them) but there were plenty of prostitutes in the next street (they were very forward!) and saw some homeless types taking drugs too. This happens in every city in the world but I was surprised at how visible it all was. Minded our own business though and had no bother at all. I can understand visitors being put off by this but the more streetwise will choose to ignore it I guess, as we did. We enjoyed our time in Athens and the Hotel was a perfectly good choice for a base to explore from. Just go there with an open mind.